Shinsegae to invest 20 tln won in outlet expansion, digitalization

SEOUL-- Shinsegae Group, a major South Korean retailer, said Thursday it will invest 20 trillion won (US$15.8 billion) over the next five years in its outlet expansion, digitalization and new growth engines.

Of the total investments, Shinsegae will spend 11 trillion won in expanding department store and large discount store outlets, while planning to spend 3 trillion won to establish systems for online transactions, the company said in a statement.

The company will also inject 2 trillion won in exploring new growth drivers in the healthcare and content businesses, it said.

Shinsegae is the operator of emart, the country's biggest discount store chain, and Shinsegae department store, the second-biggest retail chain by sales.

Source: Yonhap News Agency